background image

We enabled our client to meet its regulatory obligations for outsourcing and third parties

Challenge

The PRA issued new regulation pertaining to the risk management of third parties and outsourcing.
Our client (a Financial Services institution) needed to develop a risk-based approach to the management of all its third parties.

Approach

  • Peru applied a holistic view of all third-party arrangements classifying suppliers in accordance with risk.
  • We worked with the client to develop and execute a new Third Party and Outsourcing Policy.    
  • We analysed all existing material outsourcing contracts remediated gaps on exit provisions with contractual amendments.  
  • Peru further analysed other business critical contracts applying a risk-based model to the management of these suppliers.
  • In collaboration, we instituted new governance and risk protocols to maintain the client’s risk posture. This includes exit plan reviews and putting in place a Risk Committee.  

Outcomes

  • An  independent assurance that the new policy and processes would meet Regulatory requirements.
  • Execution of all changes to enable the new policy and processes to be operationalised including contract amendments.
  • Remediation of prior known risk issues which were addressed as part of this project.
Share
Industry

Financial Services

Geography

UK

Meet the better consultants who were behind this success story

Richard Oliver image
View bio

Similar customer stories

See all customer stories
background image

Optimisation of contract delivering a better partnership for our financial services client

Our client is one of the largest long-term savings and retirement businesses in the UK. They had an existing, long-term relationship with a supplier...

background image

We enabled our banking client to transform its mortgage platform and address a fragmented legacy estate.

Following acquisitions and divestments the bank was operating five separate legacy systems for their mortgage and savings books. This represented...

background image

Using independent benchmarking, we enabled our client to extend a long-term contract on competitive terms.

Our client has a complex inhouse datacentre solution with a market leading provider. The solution needs transformation including the leveraging of...

Start a conversation

Get in touch with our principal consultants to learn more about what we can do for your organisation. 

Close
Close
consultant image